Main Variables of Meredith Corporation - Essay Example

Case Study Affiliation: Marketing is an essential activity in any given business enterprise, and it seeks to attract as many customers as possible, present the quality of a product or service to the customer and encourage the purchase of those goods and services. Meredith Corporation understands the nature of its customer base, its needs, and its expectations. In this regard, it's segmenting, targeting, and positioning in the market context favor its overall welfare in business. On what main variables has Meredith focused on segmenting its markets?

Meredith focuses on three main variables in segmenting its markets. One of the three variables is sales. The corporation has over 30 million customers, constituting different market segments. Based on sales, each identified product or service is defined by its purchasers. Since there diverse and ever-changing nature of products available in the market, the corporation makes supplies to different consumers specifically identified by the purchases made. Across demarcated market regions, some products will sell more than others, although the entire customer base is constituted by all market segments.

The second variable is that of broadcasting. The corporation understands that not every market segment requires broadcasting products or services, and as such different customers view broadcasting from various perspectives, thereby constituting variant tastes and preferences. In this regard, Meredith evaluates its broadcasting options prior to the needs of different customers. The third variable relates to regional and social diversity. Different physical regions and social differences create the need for identifiable markets for these factors.

In all three variables, data mining techniques are highly employed to aid the segmentation process (Havaldar, 2010). Which target marketing strategy best describes Meredith’s efforts? The target marketing strategy employed by the Meredith Corporation is direct marketing. This involves addressing specific customer needs as they arise. The corporation embraced customer diversity and dynamism in its business. This makes it prioritize its customers’ needs, tastes, and preferences. Customers interact directly with the corporation through the corporation’s websites.

Through the same websites, their expectations on product development and improvement are collected and used for customer satisfaction purposes. How does Meredith use its variety of products to build relationships with the right customers? Meredith has developed a variety of products for the diverse customer base and market share that it enjoys. Building strong relationships with the right customer guarantees any business enterprise that its operations and performance over rivals are competent enough (Havaldar, 2010).

For Meredith Corporation, analyzing its customer base for the best available prospects prior to bringing the right customers on board is primarily for building Meredith-customer relationships. In order to do this, the corporation employs competent analysts and further carries out a regression of its databases in order to identify the best customer targets. In the context of product variety and the right customer targets, long-term investment plans come in handy. The corporation employs this factor alongside that of hiring experts in direct marketing to foster relationships with its right customers and the demanders of the different varieties of products that the corporation offers in the different market segments.

Promotional staff also delivers feedback and customer opinions to the corporation’s leaders. On the same note, customer satisfaction is integral to the primary objectives of the corporation, thereby fostering strong relationships with the corporation’s right customers.